Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor’s, disability, and other benefits, retirement benefits are still the cornerstone of the program.
How do you qualify for retirement benefits?
When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. You can earn up to 4 credits each year. If you were born after 1928, you need 40 credits (10 years of work) to be eligible for retirement benefits.
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Posted by Michael Chapman at 10:44 AM UTC
- Stock Indexes follow thru to upside
- Utilities Index hits new high
- Trends turn neutral
Was March 13th the end of the correction? Lows where made March 6th close to the 200 day moving average then retested on the 13th. On March 21 the S&P 500 index had a 1.8% move to the upside on large volume. This took out all down trends and was confirmation for the bulls that a short term low has been made. Next stop new highs?
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Posted by Michael Chapman at 12:09 AM UTC
- Stock indexes test lows and bounce
- Commercials cover their shorts and go long
- Trends turn down
Stock indexes tested the previous week’s lows and then closed higher last week. The commitment of traders report showed that the commercials have covered their large short position and gone net long a significant amount. It is unusual to see them change their perspective so quickly. It does not change my outlook for lower prices through mid to late May, but it does temper the amount of down side that I am expecting.
Read the Bull Bear Review (PDF) >>>
Posted by Michael Chapman at 3:59 AM UTC
When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap.
Delay retirement: 65 is just a number
One way of dealing with a projected income shortfall is to stay in the workforce longer than you had planned. This will allow you to continue supporting yourself with a salary rather than dipping into your retirement savings. Depending on your income, this could also increase your Social Security retirement benefit. You’ll also be able to delay taking your Social Security benefit or distributions from retirement accounts.
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Posted by Michael Chapman at 1:04 PM UTC
